"We believe that this present [Thai] government wants to bring Thailand back on a sustained [path] for growth and development," Agence France-Presse quoted her as telling the conference participants.

Ho did not take questions from reporters covering the event.

This was one of her rare reactions to the scandal that is plaguing Temasek's investment in Thailand.

Being the key partner in buying a 96-per-cent stake in Shin for just over Bt140 billion, Temasek has become the subject of a nominee investigation by Thai authorities.

The investigation was spurred by the size of the Shin empire, which covers satellite and television companies deemed national assets.

The unclear direction of the investigation has led to a sharp drop in Shin's share price, which closed yesterday at Bt29.75, down 1.65 per cent from the previous trading day, compared with the purchase price of Bt49.25 a share.

The investment has incurred an accounting loss of about Bt19.50 per share, or Bt60 billion.

Ho's reaction followed comments by Thai ministers last week that Thailand would treat all foreign investment on an equal basis when it came to possible violations of the Foreign Business Act, which prohibits foreigners from owning more than 49 per cent of a Thai company.

Commerce Minister Krirk-krai Jirapaet earlier spelled out clearly that all foreign investors who violated the law would be treated fairly and given a grace period to adjust the shareholding ratio to comply with the statutory requirements.

Last month, in a letter to the Thai media signed by Temasek managing director Jimmy Phoon, Temasek said it would cut its shareholding in Shin "at the appropriate time and in an appropriate manner to maintain an orderly market".